IS EUR/USD IS READY FOR NEW LOWER LOWEUR/USD also edged north yesterday touch and drove back to the downside resistance line taken from the high of September 03rd, which suggests that any further recovery may stay limited.
The experts believe that the bears may jump back into the action from near the crossroads of that line and the 1.1640 barriers, marked by the high of October 4th. This could result in a slide back near the 1.1587 zones, the break of which may open the path towards the 1.1524 area, defined by the low of October 12th.
On the other side, the bulls may gain complete control upon a break above the 1.1690 territories. This may cement the break above the downside line taken from the high of September 3rd and allow advances towards the 1.1750 level. Another break, above 1.1749, could carry extensions towards the high at 1.1837.
Looking at our oscillator indicators, we can notify that the price stopped very close to the 70 levels of RSI before the overbought zone.
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